High Correlation Between Retail Sales and Job Creation

For the past�19 years, the levels of Real Retail and Food Services Sales and Total Nonfarm Payrolls have had a +0.96 correlation, so it’s hardly an overstatement to suggest this morning’s number bears close scrutiny. NOTE:� Until 2000, RRSFS (NAIC-basis) was RETAIL (SIC-basis) at FRED.� RETAIL has been discontinued.� The two can be spliced with [...]

Cameron Richardson Chandra West Kasey Chambers Megan Ewing Kristanna Loken